Daily Gold News: September 1 – Gold Extends Consolidation

Gold price fluctuates ahead of the important monthly jobs data.

The gold futures contract lost 0.36% on Thursday, August 31 as it fluctuated following its Tuesday’s-Wednesday’s advance. The market was rallying due to a weaker U.S. dollar and advancing stock markets amidst reduced pressure for the further monetary policy tightening. Recently gold was trading along the $1,925 level. after breaking slightly below the $1,920 level. Yesterday it was as high as $1,977. On July 31 gold’s December futures contract reached a local high of $2,010.90 and last week on Monday it was the lowest since early July.

On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.

Today gold is trading slightly higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 1 – Gold Extends Consolidation - Image 1

The gold price is 0.2% higher this morning as it is trading along the $1,970 level again. What about the other precious metals? Silver is 0.8% higher platinum is 0.9% higher and palladium is unchanged. So the main precious metals’ prices are higher this morning.

Yesterday’s Core PCE Price Index has been as expected at +0.2% m/m. Today we will get the important monthly jobs data release at 8:30 a.m. and the ISM Manufacturing PMI release at 10:00 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Friday, September 1

  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m

Monday, September 4

  • 9:45 p.m. China - Caixin Services PMI
  • All Day, U.S. – Bank Holiday
  • All Day, Canada – Bank Holiday

Paul Rejczak
Stock Trading Strategist